[VIDEO] C8 Corvette Market Analysis Shows Prices Continuing to Drop - Corvette: Sales, News & Lifestyle (2024)

We’ve got a new video this week from the Fourwheel Trader, a YouTube site dedicated to understanding the market conditions for various vehicles. FourWheel Trader has been looking at the secondary C8 Corvette market since 2020, and he pulls in around 2,500 C8 Corvettes for sale to analyze the pricing data and info about the cars age and mileage to determine where the market is headed.

His latest video brings the discussion of the C8 market up to date through February 2023 and it’s somewhat of a buyers’ market these days as prices continue to come down. In the current market, he says that 61% of the Corvettes for sale are Coupes, and the average prices for coupes are $88K vs the $99K for convertibles. We note that he is specially talking about C8 Stingray values and Z06 pricing isn’t included in the analysis.

Looking at the pricing trends, C8 Corvette prices are still coming down from the July 2021 highs when demand far outpaced supply. According to Fourwheel Trader, the average prices today are down as much as $21,500 for the convertibles and $18,500 for the coupes from July 2021. The days of buying a new C8 Corvette, driving it for several thousand miles and selling it for the same price or for more are generally over.

Volitivity in the market has also decreased, and that means that depreciation has also stabilized with prices for the different model years and body types decreasing at roughly the same amount of -11% to -14% over the last six months. New cars are losing money faster than older cars now which used to be the norm in the pre-pandemic market, but that’s because the new Corvettes are typically sold for over MSRP.

Lastly, in the current market, it’s also taking owners longer to sell their C8 Corvette Stingrays on average. At the market peak of July 2021, it would only take around 10 days for a seller to move his C8 Corvette, but in today’s market, C8 Stingrays are taking up to 55 days to sell. As the supply increases and cars remain unsold, he finds those cars are being discounted by 3-4% which is something we didn’t see in the earlier market snapshots.

Source:
FourWheel Trader

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